ADP lauds Pakistan economy growth

Asian development bank in its recent Asian Development Outlook Update 2014 said that Pakistan needs a long term structural policy to overcome power shortfall to achieve overall development objectives.

The growth rate of GDP of Pakistan reached an estimate of 4.1 percent in this fiscal year 2014 (ended 30 June 2014) which was accelerated from 3.7 percent last year FY2013.

According to the report, reform initiatives of government has limited the budget deficit to 5.5 percent which was at an average of 8 percent during last three years. There is around 19.8 percent decline has been see in expenses during fiscal year 2014 which was 21.4 percent last year.

Report says that Pakistan will act according to their reforms agenda during fiscal year 2015. In which they will focus on power sector, privatization of governmental business institutions, to make improvement in import tariff and for the development of a better traing atmosphere.